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[quote=Anonymous][quote=Anonymous][quote]We have a similar story to OP, except we were in somewhat dire financial straits three years ago and due to job switches for both of us, are in a startlingly better position now. We started this process last fall with Morgan Stanley in Bethesda. Some things we've done:
 - refinanced twice, once to get two loans into one and then to reduce the rate on that loan;
 - got Maryland College Investment Plans with T. Rowe Price started for both kids - put a big chunk in for each and set up automatic monthly contributions;
 - rolled over old 401Ks into IRAs; 
- started new 401K at new firm; 
- moved our brokerage account to them from my husband's college friend whose wife is divorcing him because he suddenly started smoking a lot of weed, daily;
 - met with an estate planner to finally get wills in place

Still need to do - increase life insurance

I might be forgetting something but that is a good start. There is an initial consultation fee and they take a very small percentage of the assets under management, both if which we have felt were very, very well worth it. [/quote]

OP here.  You list several things we need to do here (including the wills).  I am lawyer, I know it's disgraceful that we haven't done this yet.  Do you have a specific person @ Morgan Stanley to recommend?  Will they be interested in us?  (We don't have much in the way of cash to invest currently).
[/quote]

PP back again. We're with John Yetman's group at Morgan Stanley and our broker is Steve Lohman. We didn't have a lot to invest either - we had less than $50K in the pothead broker's account and around $200K in the old 401Ks, but they are worth calling to see. Don't guilt yourself about the wills, just get it done. My husband is a lawyer too and had this fantasy that he was going to do it himself even though he's a financial litigator. Our kids are well past preschool and we are finally getting the basics into place.

And another PP reminded me that we also got an umbrella policy - my husband has been named personally in a lawsuit related to his practice before and I have my own business so it seemed like something we should do, and it's cheap. But PP who is SAHM with no life insurance, you should have some because your role will take $$$ to replace if your kids are younger than teenagers.[/quote]

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